Uljanik shipyard from Pula announced today that it had received a letter of intent from a potential strategic partner Kermas Energija d.o.o. Zagreb for its restructuring and diversification program.

Uljanik discussed the restructuring with the Ministry of Economy last month, and officially started the restructuring and consolidation process in Bruxelles in the second half of November. (C. Croatia’s Accession Treaty includes privatization and restructuring of the shipbuilding sector, including Uljanik. The EC needs to be involved in that process.)

The letter was sent as a result of an invitation to a larger number of potential investors and investment funds on the basis of the initial investment document. This document defines the strategic aims for restructuring of Uljanik’s shipbuilding, with emphasis on construction of smaller number of highly sophisticated specialized vessels. Uljanik is also planning to diversify its offer towards a modern service facility specialized for logistical supports to mega-yachts. Uljanik believes this is a good time to start restructuring since its book of orders is full, and all of its docks are busy.

Kermas is a daughter company of Kermas Ltd from Malta, founded by Mr Danko Končar, which bought the Brodotrogir shipyard in 2013.